Cardano (ADA) price jumped 1.34% on May 13 and is currently at $0.820, preparing for a major breakout move to $1.137

Cardano (ADA) price at $0.820 has surged by almost 2% this week, maintaining the uptrend after a 19% surge last week. However, the ADA price faces short-term resistance near $0.837, resulting in a consolidation stage. This hampers the inverted head and shoulders breakout rally seen on the 4-hour ADA chart.

Cardano price showed signs of preparing for a major breakout move to $1.17, while technical indicator MACD prepares for a positive crossover to restart an uptrend.

The crypto behemoth faced short-term resistance near $0.837, hindering a breakout rally seen on the 4-hour chart.

Bankless host, host, and crypto YouTuber Ben Armstrong predicts that Cardano could hit $1.17 if it manages to break through the immediate resistance at $0.837.

Cardano price is showing signs of preparing for a major breakout move to reach $1.17, a level which could be hit if the immediate resistance at $0.837 is breached. The crypto is currently trading at $0.821, maintaining the uptrend after a 19% surge last week.

Cardano price faces immediate resistance at $0.837

Cardano price has encountered resistance at the Fib level, leading to a consolidation stage that is hampering the inverted head and shoulders breakout rally seen on the 4-hour chart.

The neckline of the pattern overlaps the $0.75 zone, while the apex (or head) formed at $0.67 coincides with the Fib support. The 49.85% breakout target, calculated by adding the pattern’s depth to the $0.75 neckline, coincides with the previous peak at $1.137.

This suggests that the $0.837 breakout could catalyze the next big move for the altcoin. However, a minor resistance is present at $0.983, an in-between peak reflecting volatility closer to the $1 psychological mark.

MACD prepares for positive crossover to restart uptrend

The MACD and signal lines are preparing for a positive crossover to restart an uptrend. The Relative Strength Index (RSI) momentarily dropped from the overbought zone to the halfway line, a bearish divergence resulting in the consolidation stage.

However, the RSI takes a V-shaped reversal from the halfway line, suggesting a resurfacing of buying pressure.

If the $0.75 zone breaks, the breakout thesis will be nullified, suggesting a potential 20% drop to $0.647, followed by the next support at $0.60.

The post Cardano faces crucial resistance as major breakout approaches appeared first on Chain Link.

As the world's leading cryptocurrency exchange, Binance is renowned for its vast selection of tokens and cutting-edge technological innovations. Nonetheless, in the ever-evolving cryptocurrency landscape, unanticipated occurrences can arise, presenting users with unique challenges. Recently, a noteworthy incident came to light, involving a user who encountered difficulties withdrawing a substantial amount of ether (ETH) from a Binance account.

The user, who had accumulated a significant balance of 468,000 ETH, attempted to withdraw the tokens to another cryptocurrency wallet. However, the withdrawal request was repeatedly rejected by the exchange, despite the user's efforts to resolve the issue.

Initially, the user contacted Binance support, who provided assistance in verifying the user's identity and the email address registered with the account. Despite these efforts, the withdrawal request was still unsuccessful.

As the problem persisted, the user engaged with Binance's community managers on social media platforms. However, their responses were limited and unhelpful, further frustrating the user.

The user's predicament sparked discussion and reactions among other Binance users on forums and social media. Some users expressed skepticism about the authenticity of the user's story, while others shared similar experiences of difficulties withdrawing smaller amounts of crypto from Binance.

In response to the incident, Binance issued a statement explaining that they had encountered a technical issue which affected a small number of users. The exchange apologized for the inconvenience caused and assured users that they were working diligently to resolve the problem.

"We sincerely apologize for the inconvenience this has caused," a Binance spokesperson stated. "We are committed to providing our users with the best possible service, and we are constantly working to improve our products and technologies."

As the issue unfolded, the user's frustration grew with each failed withdrawal attempt. The user's goal was to transfer the ETH to another wallet in order to participate in a new cryptocurrency project that was about to launch.

"I'm trying to get 468,000 ETH out of Binance and they keep rejecting my withdrawal request," the user wrote in a post on a cryptocurrency forum.

"I've contacted support, they've verified my identity and email, but they're still rejecting the request. I'm starting to get really frustrated."

The post quickly gained attention and generated a buzz among other Binance users, who shared their own experiences and reactions to the incident.

Some users expressed skepticism about the authenticity of the user's story, while others shared similar experiences of difficulties withdrawing smaller amounts of crypto from Binance.